Discovery Health (South Africa) and the AIA Group, the former’s long-lasting Asian insurance partner, have collaborated to fabricate a new-fangled insurtech business, dubbed Amplify Health.
The two insurers stated that their new-fangled collaboration would release in April 2022. The aim is to emerge as Asia’s pioneering digital health insurtech service. Amplify health will operate throughout the Asian continent, excluding Hong Kong, China, and Macau, where Discovery Health benefits from an exclusive partnership with the Chinese insurance company, Ping An Group.
Amplify health will facilitate an array of advanced health technology, expertise, and intellectual property to AIA’s health insurance business enterprises. In addition, amplifying health will also promote wellness and health insurtech services and products to third parties throughout the Asian continent.
AIA Group is one of Asia-Pacific’s biggest publicly listed private health insurers. It also delivers wellness and life insurance to over 39 million beneficiaries and group insurance schemes. Hence, Amplify Health already possesses a vast potential consumer base.
The fabrication of Amplify Health arrives on the almost decade long working relationship betwixt Discovery Health and AIA Group. The Hong Kong-based insurer presently delivers AIA Vitality in ten Asian markets. The collaborative venture unlocks the door further to one of the fast-emerging insurance sectors in Asia for South Africa’s Discovery Health.
Comprehensive healthcare expenses throughout AIA’s markets are estimated to go beyond the USD 4 trillion mark in 2030. In addition, calculations portray that by 2030, there will be 2.6 billion middle-class individuals in the Asian continent.
Moreover, the coronavirus pandemic has enhanced digital healthcare in Asia. Approximately 96% of insurers in Asia-Pacific show that Asians now utilise telehealth to contact principal doctors or all-purpose physicians.
Additionally, the Asian population is fast maturing, with around 850 million people in the territory estimated to be beyond 60 by 2030.
Discovery Health noted in a statement that the unmatched combination of fluctuating demographics, increasing customer expectations, enhanced digital adoption, fresh advancements in health-tech, and essential unaddressed services demand the recognition of the strategic essentialness of Amplify Health.
Jonathan Broomberg, the former CEO of Discovery Health and presently the CEO of Vitality Health International, will command and lead the new-fangled joint venture.
The creation of the collaboration is still supposed to receive approval from the South African Reserve Bank. However, the strategy is that Discovery Health will possess 25%, and AIA Group will receive the majority 75% share.
About Discovery Health
Discovery Health is a South African-born multinational firm with life, health, and short-term insurance operations in South Africa and the United Kingdom. In addition, the firm maintains a presence in France, Germany, the United States of America, Australia, Canada, Hong Kong, Singapore, Philippines, Malaysia, Thailand, Japan, and China through its Global Vitality Network. The firm preserves its promise of communal value by being a positive entity that concentrates on facilitating sustainable transformations in consumer lives and communities that they deliver to worldwide.
About AIA Group
AIA Group is the biggest independent publicly listed pan-Asian life insurance group – with an occurrence in 18 Asian markets.
For over 100 years, AIA has struggled to make a crucial and positive influence on their Asian consumers and communities. As the firm seeks to look into the future, it strives to assist several people in living healthy, better, and longer lives. The firm believes that fabricating a more beneficial Asia is one of the most crucial and worthwhile things it can do for its communities at present and in the future.
The firm’s actions navigate its decisions and efforts as a business enterprise. As a result, it empowers and allows people to understand and manage their health requirements while delivering their long-term savings and protection needs.